Genaral questions around SOA, tax and bankruptcy.....thankyou in advance

desperate-dan_5

Hi everyone,

I have got a court date for BR 16TH of June at 9.30am I have just got the paperwork through and I have noticed that the soa is much shorther than the ones on here i.e no place for the things such as holidays etc? Can anyone explain this do I just add them in to the extra box at the bottom?

Also read about the tax code thing that they will look at my surplus including this but I am right in thinking they dont take in to account my child benefit and tax credit? So this leaves me with a surplus of approx £46 plus my tax which is approx £300 per month so how much will the IPO be or will I not get one with that?

Please can you also look at my soa and add anything or take awayas you think, was wnadering if I have scope to increase any and then if OR knocks any down then it will look similair to now hopefully or will they just ne harsher if I do that? Hard to know as it seems each OR different?


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0
Benefits................................ 120
Other income............................ 100
Total monthly income.................... 2120
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 5
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 260
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 17
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1954

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,120
Expenses (including HP & secured debts). 1,954
Available for debt repayments........... 166
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 166
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Thanks for any advice

philnicandamy

desperate-dan wrote: »

Hi everyone,

I have got a court date for BR 16TH of June at 9.30am I have just got the paperwork through and I have noticed that the soa is much shorther than the ones on here i.e no place for the things such as holidays etc? Can anyone explain this do I just add them in to the extra box at the bottom?

Also read about the tax code thing that they will look at my surplus including this but I am right in thinking they dont take in to account my child benefit and tax credit? So this leaves me with a surplus of approx £46 plus my tax which is approx £300 per month so how much will the IPO be or will I not get one with that?

Please can you also look at my soa and add anything or take awayas you think, was wnadering if I have scope to increase any and then if OR knocks any down then it will look similair to now hopefully or will they just ne harsher if I do that? Hard to know as it seems each OR different?


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0
Benefits................................ 120
Other income............................ 100
Total monthly income.................... 2120
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50 a little low
Gas..................................... 50 ditto...make sure of exact readings
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 50
Petrol/diesel........................... 200 OR might ask for receipts & proof
Road tax................................ 5
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 260
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 15 does it have replacement acidental damage cover? something you'll need
Life assurance ......................... 0
Other insurance......................... 17 whats this?
Presents (birthday, christmas etc)...... 10 usually NOT allowed but leave & see
Haircuts................................ 15 £10
Entertainment........................... 0
Holiday................................. 50 little high if its just for you
Emergency fund.......................... 0
Total monthly expenses.................. 1954

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,120
Expenses (including HP & secured debts). 1,954
Available for debt repayments........... 166
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 166
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Thanks for any advice

Just a few thoughs....someone else will be along soon!

desperate-dan_5

I use my car for work and I am a nurse advisor so do a lot of milaeage with work the extra £17 is for my professional body union cover that I have to have to practice. The holiday is for me and daughter inc spending money I know it is a little cheeky to expect a holiday but noticed others had put it in?

desperate-dan_5

Also does anyone know what they allow for childcare for a child who is in full time childcare? I already get 240 deducted automatically deducted from my wage and I then pay another 260 on top?

philnicandamy

Holidays are usually ok....the professional insurance will be fine and if thats the milage you do then so be (I used to be community based as well & run up similar)..the OR cant argue

desperate-dan_5

Thankyou Philnicandamy,

Where do I put these extras on the forms as they aren't listed like rent, water etc?

fiveyearplan

Yes, list them in other expenses. As for childcare, put the total you pay.

Lightattheend

"Also read about the tax code thing that they will look at my surplus including this but I am right in thinking they dont take in to account my child benefit and tax credit? So this leaves me with a surplus of approx £46 plus my tax which is approx £300 per month so how much will the IPO be or will I not get one with that?"

---

You'll have to include both CB and tax credits though when calculating surplus the OR doesn't (or shouldn't) include the CB. I've gathered this from posts on here as I needed to know it as well. I don't think you're getting tax credits for childcare if you're using the from wages option (childcare vouchers I think?). Have you checked whether you're better off getting child tax credits for child care rather than the vounchers?